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Free AccessBullish Engulfing Candle Still In Play
- RES 4: 1.2113 High Mar 3
- RES 3: 1.2067 High Mar 4
- RES 2: 1.2040 50-day EMA
- RES 1: 1.1989/90 High Mar 18 / 11 and the short-term bull trigger
- PRICE: 1.1937 @ 16:14 GMT Mar 18
- SUP 1: 1.1883 Low Mar 16
- SUP 2: 1.1851/36 200-DMA / Low Mar 9 and the bear trigger
- SUP 3: 1.1800 Low Nov 23
- SUP 4: 1.1752 1.236 proj of the Jan 6 - Feb 5 - Feb 25 price swing
EURUSD was weaker yesterday as the pair retraced Wednesday gains. Attention is on Wednesday's price pattern, a bullish engulfing reversal candle. It suggests the recent pullback between Mar 12 - 16 has been a correction and that a bullish theme has returned. The pair still needs to clear resistance at 1.1990, Mar 11 high to strengthen the argument for bulls. This would open 1.2067, Mar 4 high. Support to watch is at 1.1883, Mar 16 low.
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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.